Question

In: Finance

You have a salary of $35,000, an RPP deduction of $2,500, paid $2,000 interest on your...

You have a salary of $35,000, an RPP deduction of $2,500, paid $2,000 interest on your mortgage and paid union dues of $700. If the basic personal amount is $11,635 and the federal tax rate is 15 percent, what federal tax do you owe?

1)3025

2)2259

3)2829

4)2335

Expert Solution

solution

The answer for this question is option 3 (2829)

the salary is 35000

deductions in federal tax are

RPP deduction = 2500

interest on mortgage = 2000

Basic personal amount = 11635

Total deductions = 16135

so the taxable amount is

= 35000-16135(total deductions) = 18865

tax percent is 15%

so tax we owe is = 18865*.15(15%) = 2829

that is option 3

jeff jeffy answered 2 years ago

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